Here’s Why Oakmark Fund Sold its Stake in Envista Holdings Corporation (NVST)

Oakmark Fund, an investment management company, released its “Oakmark Global Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned -14.46% in the second quarter compared to -16.2% for the MSCI World Index (Net) and -15.6% for the Lipper Global Fund Index. The compound annual rate of return of the fund since its inception in 1999 is 9.0%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the second quarter investor letter, Oakmark Fund discussed stocks like Envista Holdings Corporation (NYSE:NVST). Headquartered in Brea, California, Envista Holdings Corporation (NYSE:NVST) engages in the business of dental products. On September 2, 2022, Envista Holdings Corporation (NYSE:NVST) stock closed at $35.77 per share. One-month return of Envista Holdings Corporation (NYSE:NVST) was -12.56% and its shares lost 17.52% of their value over the last 52 weeks. Envista Holdings Corporation (NYSE:NVST) has a market capitalization of $5.844 billion.

Here is what Oakmark Fund specifically said about Envista Holdings Corporation (NYSE:NVST):

Envista Holdings Corporation (NYSE:NVST) (U.S.) is a supplier of equipment and consumables to the dental/orthodontic industry. After plummeting in the early days of the pandemic, its share price performed very well as dental offices reopened, and we completed sales of our shares in the quarter.”

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Envista Holdings Corporation (NYSE:NVST) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Envista Holdings Corporation (NYSE:NVST) was held by 28 hedge fund portfolios at the end of the second quarter compared to 37 in the previous quarter.

We discussed Envista Holdings Corporation (NYSE:NVST) in another article and shared the list of stocks to buy according to John Rogers’ Ariel Investments. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.